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Accountant & Adviser’s reviewing client Wills – 8 questions to ask

  Reviewing client Wills each year Estate Planning and Wills are primarily the concern of the Accountant and Adviser. You know your client. You see your clients at least once a year. The end of financial year is a good time to sit down with your clients and review their […]

Can you call your boss a ‘pig’ on Facebook? Unfair dismissal?

Stephen Campbell is a wharfie. His job is driving a big crane. He called his boss a ‘pig’ on Facebook. He also damaged a ship. It was not enough to sack him. He claimed unfair dismissal. According to the Fair Work Commission in Melbourne, his Employment Contract needed to refer […]

CGT on dead wife’s wedding ring. Faults in Will drafting.

  CGT on dead wife’s wedding ring. Faults in Will drafting. Capital Gains Tax on dead people's jewellery - CGT death duty on a wedding ring Sometimes people make a mistake and name a Specific Gift in their Will. For example, ‘my wedding ring to my daughter’. The result may […]

Even a pre-1985 family home can be subject to CGT

  CGT Family Home - that does not seem fair Death and Probate Duties were abolished by 1981. However, in 1985 the Federal Government introduced Capital Gains Tax. CGT earns the Government more money on deceased estates in a single year than in the cumulative history of State death duties. […]

Employment Contracts to stop affairs, fights and bullying

Build our Employment Contracts to stop Affairs, Fights and Bullying Do you allow employees to have intimate liaisons during or after work? Where do you stand on fighting and bullying? To discourage such behaviour, the Employment Contract must allow for Policies, such as an Employee Relations Policy. Our Employment Contracts allows […]

Family Court looks at Dead Father’s Estate

  If you thought the family court was just about getting its clutches into mum and dad, think again. In this case, the Family Court looked at the dead father's Will. Advisers and accountants in Estate Planning must also consider where the parent’s money goes. Mrs Hall is a doctor […]

How to activate a Testamentary Trust after death – Taxing Testamentary Trusts

  After your client dies, how does the accountant activate a Testamentary Trust? Taxing Testamentary Trusts Your deceased client may have had the foresight to provide their beneficiaries with the option of putting the inheritance into Testamentary Trusts. A Testamentary Trust is a trust contained in a Will. It is part […]

In-house asset rule – but you can lend money to a cousin

Your Super Fund can't lend money to a 'related party': Superannuation Industry Supervision Act 1993 (SIS Act). This is the in-house asset rule. The ATO does not want you or a 'related party' to gain a benefit from your SMSF. The wealth in your SMSF is for your retirement only. […]